Dubai posted a record nine percent GDP growth at Dh 55.5 billion ($15billion) last year, compared with Dh 50.9 billion in 1999, according to the annual statistical report compiled by the Dubai Economic Development Department, Emirates official news agency (WAM) reported.

The report showed Dubai's economy reached its highest growth levels over the past five years when the ratio of GDP growth at current rates exceeded the growth levels of the previous years, according to a report published in The Gulf Today.

It attributed the growth to the record improvement in the revenue of the oil sector, which grew by 38.8 percent, rising from Dh 4.68 million to Dh 6.5 billion, nearly touching the good levels of 1996, which reached Dh 6.57 billion -- Albawaba.com